Question 24 3 pts Metro Company, a dealer in machinery and equipment leased equipment to Sands, Inc, on July 1, 20X3. The lease is appropriately accounted for as a sales-type lease with selling profit by Metro and as a finance lease by Sands. The lease is for a 10-year period (the useful life of the asset). The 10 equal annual payments of $828,000 was made on July 1, 20X3. Metro had purchased the equipment for $5.200,000 on January 1, 20X3, and established a list selling price of $7,200,000 on the equipment. Assume that the present value at July 1, 20X3, of the lease payments over the lease term discounted at 8% (the appropriate interest rate) was $6,000,000. Assuming that Sands, Inc. uses straight-line amortization, what is the amount of amortization and interest expense that Sands should record for the year ended December 31, 20X3? $300,000 and $206,880 $300,000 and $240,000 $360,000 and $206,880 $360,000 and $240.000 14 pts